ECOWAS: Paddy Rice Market 2024

Paddy Rice Market Size in ECOWAS

The ECOWAS paddy rice market totaled $X in 2023, leveling off at the previous year. The total consumption indicated a noticeable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2023, consumption stood at a somewhat lower figure.

Paddy Rice Production in ECOWAS

In value terms, paddy rice production totaled $X in 2023 estimated in export price. The total production indicated a measured expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2015 with an increase of X%. The level of production peaked at $X in 2018; however, from 2019 to 2023, production stood at a somewhat lower figure.

The country with the largest volume of paddy rice production was Nigeria (X tons), accounting for X% of total volume. Moreover, paddy rice production in Nigeria exceeded the figures recorded by the second-largest producer, Mali (X tons), threefold. The third position in this ranking was held by Guinea (X tons), with a X% share.

In Nigeria, paddy rice production expanded at an average annual rate of X% over the period from 2012-2023. The remaining producing countries recorded the following average annual rates of production growth: Mali (X% per year) and Guinea (X% per year).

In 2023, the average paddy rice yield in ECOWAS shrank to X tons per ha, almost unchanged from the previous year's figure. Overall, the yield, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the paddy rice yield hit record highs at X tons per ha in 2018; however, from 2019 to 2023, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, approx. X ha of paddy rice were harvested in ECOWAS; approximately mirroring 2022 figures. The harvested area increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2016 when the harvested area increased by X%. The level of harvested area peaked at X ha in 2021; however, from 2022 to 2023, the harvested area stood at a somewhat lower figure.

Paddy Rice Exports

Exports in ECOWAS

In 2023, approx. X tons of paddy rice were exported in ECOWAS; picking up by X% compared with 2022 figures. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2019 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, paddy rice exports surged to $X in 2023. Over the period under review, exports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2018 when exports increased by X%. As a result, the exports attained the peak of $X. From 2019 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

In 2023, Togo (X tons) was the main exporter of paddy rice, constituting X% of total exports. Ghana (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (X%), Senegal (X%) and Benin (X%). Nigeria (X tons) took a minor share of total exports.

From 2012 to 2023, average annual rates of growth with regard to paddy rice exports from Togo stood at X%. At the same time, Nigeria (X%), Ghana (X%), Benin (X%), Burkina Faso (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. Ghana (X p.p.), Togo (X p.p.), Burkina Faso (X p.p.), Benin (X p.p.) and Nigeria (X p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, the largest paddy rice supplying countries in ECOWAS were Burkina Faso ($X), Senegal ($X) and Togo ($X), with a combined X% share of total exports. Ghana, Nigeria and Benin lagged somewhat behind, together comprising a further X%.

Nigeria, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, shrinking by X% against the previous year. In general, the export price continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2015 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced a decline in the export price figures.

Paddy Rice Imports

Imports in ECOWAS

Paddy rice imports dropped to X tons in 2023, which is down by X% compared with 2022 figures. In general, imports continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2022 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2023, imports remained at a lower figure.

In value terms, paddy rice imports expanded markedly to $X in 2023. Overall, imports saw a abrupt downturn. The most prominent rate of growth was recorded in 2015 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2023, imports remained at a lower figure.

Imports by Country

Burkina Faso (X tons) and Benin (X tons) represented roughly X% of total imports in 2023. It was distantly followed by Guinea (X tons), Cote d'Ivoire (X tons) and Nigeria (X tons), together mixing up a X% share of total imports. Guinea-Bissau (X tons) and Gambia (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Guinea-Bissau (with a CAGR of X%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest paddy rice importing markets in ECOWAS were Burkina Faso ($X), Guinea ($X) and Nigeria ($X), together comprising X% of total imports. Guinea-Bissau, Benin, Cote d'Ivoire and Gambia lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Guinea-Bissau, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, growing by X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2023, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Guinea ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform